Layaway Has Returned

by Minority Fortune

Lions, tigers, and layaway plans, oh my!

Layaway plans have made a comeback in time for the holiday season. One great incentive to the layaway plan is no interest on the payments, unlike credit cards. Due to high unemployment rates and harder economic times, retailers are seeking ways to encourage customers to purchase goods. Business Insider notes that several large retailers have jumped on the bandwagon: Sears, Kmart, TJ Maxx, Toys R Us, Burlington Coat Factory, and others.

It seems that consumerism is fighting to stay alive. Retailers are proving that they are willing to resort to old techniques to get consumers spending. If they have to get shoppers on payment plans, they appear willing to do so. It goes to show how vulnerable businesses must be feeling.

We’re not knocking the hustle. Consumers are strapped. Retailers are striving for a profitable quarter. However, we are concerned that market overall isn’t conducive to rampant spending. Yet, it’s not stopping retailers from trying any methods to get shoppers in their stores. We’ll sit and watch where the chips fall.

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